How To Be A Responsible Landlord

Any responsible landlord needs to take the following into consideration when renting his property out.

1. PROPER SELECTION OF PROSPECTIVE TENANTS

Prior determination of credit standing, references and background are very important in assessing a tenant. Credit standing is important because it will disclose the tenants ability to meet rental payments. The rental application form should as a minimum request information such as employment status and income. The tenant should also provide proof of identification and current residency.

2. THE TERMS AND CONDITIONS OF THE AGREEMENT MUST BE WRITTEN

The written lease contract is the best evidence of the terms and conditions. The contract will serve as the governing law between the contracting parties in case there is a future dispute concerning the agreement. The lease contract should include at least the following salient details: the names of the parties or all tenants in their respective capacity; nature of the use of the occupancy; provision on sub- letting; duration of the tenancy; rental fee which includes its due date and manner of payment; appropriation of deposits and fees; landlord responsibilities for example repairs and maintenance issues; right concerning access to the property, and prohibited activities etc.

3. APPRIOPRIATE THE DEPOSITS AND OTHER FEES PROPERLY

There must be a standard system of securely holding any tenant deposits for the property. Before the termination of the lease contract, a property inspection should highlight any damage caused by the tenants and hence appropriate deposit retention to cover repairs.

4. SUPERVISE MAINTENANCE BY MAKING NECESSARY REPAIRS CONCERNING THE PROPERTY

The landlord should guarantee peaceful possession of the property by the tenant. The landlord is also obliged to maintain the property by organising any necessary repairs quickly.

5. SECURITY OVER THE PERSON AND THE PROPERTY MUST BE GIVEN THE UTMOST PRIORITY

The landlord should guarantee safety and security of the tenants by providing them with a safe and secure property to reside in.

6. OBSERVE TENANTS RIGHT TO PRIVACY

The tenant has a right of possession over the property without excessive landlord intrusion. Hence, the right to privacy must be given due consideration. Entry within the tenants premises must be coupled by prior notice.

7. DISCLOSE ANY ENVIRONMENTAL RISK

Any known posed danger to the life, limb and property of the tenants must always be revealed.

8. SUPERVISE APPOINTED MANAGERS OF THE PROPERTY

The tenant must always be informed of any development or improvement concerning the leased property.The landlord should always ensure that anyone working on the property is supervised carefully. Otherwise, the landlord could be held responsible for any disputes that may arise. Background checks of any staff should always be carried out.

9. SECURE INSURANCE

The landlord should always ensure the property is insured adequately to cover it against any risk it might face. Minimal liability cover should also be obtained in the event of a tenant-landlord dispute.

10. THERE MUST BE PROPER AND STANDARDIZED DISPUTE RESOLUTION

Any dispute should first be resolved without the intervention of outside parties. The instruction of solicitors should be left as a last resort if the landlord and tenants are not able to reach a satisfactory resolve.

About the Author

Dr Javaid Kiyani is a successful Property Investor and Internet Marketer. His vast knowledge of property investment is evidenced by the books he has written. For a FREE course including regular advice and tips on property investment, please visit:http://www.hmopropertyriches.com